IFG Group, a provider of bespoke SIPPs (self-invested personal pensions) and fee-based financial advice in the UK and Ireland, sees its performance as on track and its core businesses as “performing well despite challenging economic conditions,” according to an interim statement.

The two principal businesses, James Hay Partnership (pensions administration) and Saunderson House (independent financial advisory) continue to make progress, the group said.

James Hay Partnership administers over 40,000 self-directed pension schemes in SIPPs, SSAS (small self-administered schemes) and wraps with circa £12 billion ($19 billion) in assets under administration.

And the post-acquisition (in 2010) target of 250 SIPPs per month or 3,000 SIPPs on an annualised basis was reached in October when 258 new SIPPs were gained after a monthly average of 213 in Q3 2012 and 148 in Q4 2011.

The group expects “minimal" impact on Saunderson House or its clients from the UK Retail Distribution Review move to fee-based work from 31 December.

But IFG admitted that market conditions remain difficult in Ireland.